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Corporate Governance: Stakeholder Value Versus Shareholder Value

Author

Listed:
  • Gérard Charreaux
  • Philippe Desbrières

    (Université de Bourgogne)

Abstract

Unsatisfied with the dominating shareholders'view, that we find unfitted to build a relevant theory of corporate governance, we propose an enlarged definition of the value which may be called, the stakeholder value. This definition and the associated measure are supposed to be more fitted to the stakeholder view of the firm and more relevant to understand the value creation and sharing mechanisms.

Suggested Citation

  • Gérard Charreaux & Philippe Desbrières, 2001. "Corporate Governance: Stakeholder Value Versus Shareholder Value," Working Papers CREGO 1010301, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    • Handle: RePEc:dij:wpfarg:1010301
    Note: english version of "Gouvernance des entreprises:valeur partenariale contre valeur actionnariale" published in Finance Contrôle Stratégie,vol.1,n°2,mars 1998.The final and abridged version was published in Journal of Management and Governance vol.5,n°2,2001,p.107-128.
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    shareholder value; stakeholder value; corporate governance; value creation; value sharing.;
    All these keywords.

    JEL classification:

    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other

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